San Francisco-based startup Metronome has secured $43 million in a Series B funding round led by NEA, with participation from existing backers Andreessen Horowitz and General Catalyst. Metronome, founded by Dropbox alums Kevin Liu and Scott Woody in 2019, specializes in helping software companies implement usage-based billing.
The company reported a 6x increase in ARR (Annual Recurring Revenue) last year, attributed to more companies transitioning from subscription to usage-based models.
Metronome’s platform, used by startups such as OpenAI and Anthropic, as well as enterprise companies like Databricks and Nvidia, aims to streamline billing integration and maintenance, reducing the engineering investment required by companies.
The startup plans to utilize the new funding to advance its product roadmap and hire additional talent, particularly in R&D and customer-facing teams. Metronome’s success is attributed to the growing interest in usage-based models, particularly within the AI sector, where consistent margins are essential for businesses.
Hilarie Koplow-McAdams, NEA partner, expressed the significance of billing as a revenue driver for businesses and emphasized Metronome’s role in turning billing into a seamless and efficient process. The funding will provide Metronome with a strong financial foundation and support its growth plans, ensuring the company’s long-term presence in the market.
